Build-to-Rent Grows Up
From novel asset class to institutional staple.
Build-to-rent single-family went from curiosity to a core institutional allocation in a few short years. With maturity comes a more sober understanding of where it works and where it has been overbuilt.
Operations Are the Differentiator
Scattered horizontal product is operationally harder than a stacked building — more roofs, more yards, more drive time. The operators who built real maintenance logistics are pulling away from those who treated BTR like a spreadsheet.
Demand for the product is durable. The returns now depend on running it well, not just on the demographic tailwind.
Chief economist at Cobalt Real Estate Partners. Writes the widely-read 'Built World Macro' note.
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